Catena Group PLC (LON:CTNA) announced it signed a conditional agreement to acquire Insight, a data science and machine learning solutions company, for £27.9mln.
It will be paid by issuing 45.3mln shares at 59p each and a potential cash consideration of up to £1.5mln.
The AIM-listed holding company, which focuses on acquiring and growing businesses operating in high performing industries, already owns 9.1% of Insight.
The acquisition constitutes a reverse takeover so it will require the approval of shareholders, with a general meeting planned for 7 May.
It is also proposing to raise £6.1mln by placing shares at 67p each, which is a premium of 14% to the closing price on 2 September, the last day before trading was suspended.
Steve Cracknell has been appointed as chief executive, Warren Pearson as chief technology officer and Peter Rutter as non-executive director.
David Hillel, David Coldbeck and John Zucker will resign from the board.
“We are delighted to have agreed our full acquisition of Insight and to be re-admitted to trading on AIM today. The completion of the acquisition will mark the start of an exciting new chapter for the company in artificial intelligence and machine learning,” said Catena chief executive Matthew Farnum-Schneider.